-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, X2wxF9jdq7nL6UyyJkFDZgcvY7MdtZvBfSc5T74tYYGJSYW5GdZtPw3PQGe6thpn wDdv10of8EPzwsUR0FkCBQ== 0000277948-94-000012.txt : 19940706 0000277948-94-000012.hdr.sgml : 19940706 ACCESSION NUMBER: 0000277948-94-000012 CONFORMED SUBMISSION TYPE: 11-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19931231 FILED AS OF DATE: 19940629 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSX CORP CENTRAL INDEX KEY: 0000277948 STANDARD INDUSTRIAL CLASSIFICATION: 4011 IRS NUMBER: 621051971 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 11-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08022 FILM NUMBER: 94536917 BUSINESS ADDRESS: STREET 1: ONE JAMES CNTR STREET 2: 901 E CARY ST CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8047821400 11-K 1 ACL SAVINGS PLAN PAGE 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 11-K [X] ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 1993 or [ ] TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to --- --- Commission file number 1-8022 A. Full title of the plan and the address of the plan, if different from that of the issuer named below: AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN (Formerly the Savings Plan for Employees of Inland Tugs and Mac Towing, Divisions of American Commercial Barge Line Company, and Louisiana Dock Company, Division of American Commercial Marine Service Company) B. Name of issuer of the securities held pursuant to the plan and the address of its principal executive office: CSX CORPORATION A Virginia Corporation IRS Employer Identification Number 62-1051971 901 East Cary Street Richmond, Virginia 23219 (804) 782-1400 - 1 - PAGE 2 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN Index to Financial Statements Page No. -------- Audited Financial Statements Report of Ernst & Young, Independent Auditors 3 Statement of Net Assets Available for Plan Benefits - December 31, 1993 4 Statement of Net Assets Available for Plan Benefits - December 31, 1992 5 Statement of Changes in Net Assets Available for Plan Benefits - Year Ended December 31, 1993 6 Statement of Changes in Net Assets Available for Plan Benefits - Year Ended December 31, 1992 7 Notes to Financial Statements 8-12 Supplemental Schedules Assets Held for Investment - December 31, 1993 14 Transactions or Series of Transactions in Excess of 5% of the Fair Value of Plan Assets - Year Ended December 31, 1993 15 Signature 16 - 2 - PAGE 3 REPORT OF ERNST & YOUNG, INDEPENDENT AUDITORS --------------------------------------------- The Administrative Committee American Commercial Vessel and Terminal Employees' Savings Plan American Commercial Barge Line Company American Commercial Marine Service Company Jeffersonville, Indiana We have audited the accompanying statements of net assets available for plan benefits of the American Commercial Vessel and Terminal Employees' Savings Plan ("Plan") as of December 31, 1993 and 1992, and the related statements of changes in net assets available for plan benefits for the years then ended. These financial statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the net assets available for plan benefits of the Plan at December 31, 1993 and 1992, and the changes in its net assets available for plan benefits for the years then ended, in conformity with generally accepted accounting principles. Our audits were made for the purpose of forming an opinion on the basic financial statements taken as a whole. The accompanying supplemental schedules of assets held for investment as of December 31, 1993, and transactions or series of transactions in excess of 5% of the fair value of plan assets for the year then ended, are presented for purposes of complying with the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974, and are not a required part of the basic financial statements. The supplemental schedules have been subjected to the auditing procedures applied in our audit of the 1993 financial statements and, in our opinion, are fairly stated in all material respects in relation to the 1993 basic financial statements taken as a whole. /s/ ERNST & YOUNG Richmond, Virginia ----------------- June 17, 1994 Ernst & Young - 3 - PAGE 4 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (Thousands of Dollars)
DECEMBER 31, 1993 --------------------------------------------------- Guaranteed CSX Interest Common Fund Equity Fund Stock Fund Total ------- ----------- ---------- ------- ASSETS Investments: CSX Corporation common stock (Cost-$1,429) $ - $ - $2,263 $2,263 Commonwealth Insurance Guaranteed Investment Contract (cost equals market) 773 - - 773 Fidelity Equity Income Fund (Cost-$175) - 201 - 201 Liberty National Bank Treasury Bill Index Account (cost equals market)62 12 143 217 Contributions receivable, net of forfeitures: Employees 38 10 22 70 Employers - - 47 47 --- ---- ----- ------ NET ASSETS AVAILABLE FOR PLAN BENEFITS $873 $223 $2,475 $3,571 ==== ===== ====== ======
See Notes to Financial Statements. - 4 - PAGE 5 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN STATEMENT OF NET ASSETS AVAILABLE FOR PLAN BENEFITS (Thousands of Dollars)
DECEMBER 31, 1992 -------------------------------------------------- Guaranteed CSX Interest Common Fund Equity FundStock Fund Total -------- --------------------- ------- ASSETS Investments: CSX Corporation common stock (Cost-$925) $ - $ - $1,508 $1,508 Commonwealth Insurance Guaranteed Investment Contract (cost equals market) 629 - - 629 Fidelity Equity Income Fund (Cost-$79) - 91 - 91 Liberty National Bank Treasury Bill Index Account (cost equals market) 89 59 393 541 Contributions receivable, net of forfeitures: Employees 50 11 24 85 Employers - - 62 62 Accrued investment income - - 1 1 Interfund transfers receivable (payable)(8) (3) 11 - ------ ------ ------ ------ 760 158 1,999 2,917 LIABILITIES Accounts payable for assets acquired - - 102 102 ------ ---- ------ ------ NET ASSETS AVAILABLE FOR PLAN BENEFITS$760 $158 $1,897 $2,815 ====== ==== ====== ======
See Notes to Financial Statements. - 5 - PAGE 6 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (Thousands of Dollars)
YEAR ENDED DECEMBER 31, 1993 ------------------------------------------------- Guaranteed CSX Interest Common Fund Equity FundStock Fund Total -------- ---------------------- ------- ADDITIONS: Investment Income: Dividends $ - $ 6 $ 42 $ 48 Interest 43 1 5 49 Net Realized and Unrealized Appreciation of Investments - 22 361 383 Contributions: Employees 413 105 229 747 Employers - - 532 532 ----- ----- ------ ------ 456 134 1,169 1,759 DEDUCTIONS: Distributions to Participants (333) (66) (604) (1,003) INTERFUND TRANSFERS (10) (3) 13 - ----- ----- ------ ------ INCREASE IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 113 65 578 756 Net Assets Available for Plan Benefits at Beginning of Year 760 158 1,897 2,815 ----- ----- ------ ------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $873 $223 $2,475 $3,571 ===== ===== ====== ======
See Notes to Financial Statements. - 6 - PAGE 7 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR PLAN BENEFITS (Thousands of Dollars)
YEAR ENDED DECEMBER 31, 1992 --------------------------------------------------- Guaranteed CSX Interest Common Fund Equity FundStock Fund Total -------- ---------------------- ------ ADDITIONS: Investment income: Dividends $ - $ 4 $ 32 $ 36 Interest 29 - 8 37 Net Realized and Unrealized Appreciation of Investments - 13 182 195 Contributions: Employees 330 86 265 681 Employers - - 549 549 Transfers from American Commercial Towing Company Thrift Plan 66 46 41 153 Other receipts - - 21 21 ---- ---- ----- ----- 425 149 1,098 1,672 DEDUCTIONS: Distributions to Participants (194) (44) (228) (466) Transfers to American Commercial Lines Inc. Thrift Plan (120) - (107) (227) ---- ---- ----- ---- (314) (44) (335) (693) INTERFUND TRANSFERS 243 (68) (175) - ---- ---- ---- ---- INCREASE IN NET ASSETS AVAILABLE FOR PLAN BENEFITS 354 37 588 979 Net Assets Available for Plan Benefits at Beginning of Year 406 121 1,309 1,836 ---- ---- ------- ------ NET ASSETS AVAILABLE FOR PLAN BENEFITS AT END OF YEAR $760 $158 $1,897 $2,815 ==== ==== ======= ======
See Notes to Financial Statements. - 7 - PAGE 8 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS (Thousands of Dollars) NOTE 1. SIGNIFICANT ACCOUNTING POLICIES The accounting records of the American Commercial Vessel and Terminal Employees' Savings Plan, (the "Plan"), are maintained on the accrual basis. All security transactions are recorded as of the trade date. Investments in insurance company contracts are reported at contract value. Contract value represents contributions made under the contract, plus interest at the contract rate, less funds used to pay participant distributions. Investments in the Liberty National Bank Treasury Bill Index Account, a short- term investment vehicle are valued at cost plus accrued income. Investments in CSX Corporation common stock and mutual funds are valued at the last reported sales price on the last business day of the Plan year. Certain prior-year data have been reclassified to conform to the 1993 presentation. NOTE 2. DESCRIPTION OF THE PLAN Effective April 1, 1992, the American Commercial Towing Company Thrift Plan ("ACTC Plan") was merged with the Savings Plan for Employees of Inland Tugs and Mac Towing, Divisions of American Commercial Barge Line Company and Louisiana Dock Company, Division of American Commercial Marine Service Company, with the latter being the surviving plan. This merger resulted in a transfer of approximately $153,000 of net assets into the Plan on April 1, 1992. Effective April 1, 1992, the name of the surviving plan was changed to the American Commercial Vessel and Terminal Employees' Savings Plan. The participating employers of the Plan include American Commercial Barge Line Company, American Commercial Marine Service Company, Hines American Line, Inc. and American Valley Line Terminals, Inc., subsidiaries of American Commercial Lines, Inc. ("ACL"), which is a wholly owned subsidiary of CSX Corporation ("CSX"). A complete description of Plan provisions including those relating to vesting, withdrawals, and distributions are contained in the Summary Plan Description and the Plan Document. Copies of these documents are available in the American Commercial Barge Line Benefits Department. The following summary should be read in conjunction with the aforementioned documents. General: The Plan is a defined contribution plan subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended ("ERISA"). The Plan is intended to qualify as a "cash or deferred" arrangement under Section 401(k) of the Internal Revenue Code of 1986, as amended ("IRC"). Plan participation is limited to certain hourly paid employees of ACL and affiliated companies (the "Company" or the "Employer"). The total number of participants in the Plan as of December 31, 1993 and 1992 were 645 and 661, respectively. - 8 - PAGE 9 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS--Continued (Thousands of Dollars) NOTE 2. DESCRIPTION OF THE PLAN, Continued Investment Alternatives: Participant contributions may be invested in one or more of the following investment funds: (1) the Guaranteed Interest Fund, consisting primarily of a guaranteed investment contract issued by Commonwealth Life Insurance Company; (2) the Equity Fund, which consists primarily of investments in the Fidelity Equity Income Fund; and (3) the CSX Common Stock Fund, consisting primarily of investments in CSX common stock. Amounts allocated to any of these funds may be temporarily retained as cash or invested in cash equivalents to facilitate the investment or reinvestment of Plan assets and the distribution of account balances to participants. Employer contributions are made in the form of cash deposits to the CSX Common Stock Fund. Participant Contribution: Participants in the Plan are allowed to contribute designated amounts (not to exceed $6.00 per day). All participant contributions are made on an after tax basis within the limits imposed by the IRC and may be invested in increments of 10% in any of the three investment alternatives. Investment direction may be revised by participants as often as four times per year. Employer Contributions: The Employer contributes to the Plan an amount equal to 75% of each participating employee's contributions. Vesting, Withdrawals, Distributions and Forfeitures: Participants are immediately vested in their voluntary contributions plus actual earnings thereon. Participants are fully vested in Employer matching contributions after one of the following occurs: 1) Completion of 60 consecutive months of employment, 2) death or retirement, 3) total disability, or 4) termination of the Plan. If a participant withdraws from the Plan without being fully vested, the Employer's matching contributions and earnings thereon vest based on years of service as of the date of termination in accordance with the following schedule: Years of Service Vested Percentage ---------------- ----------------- Less than 2 years 0% 2 years but less than 3 25% 3 years but less than 4 50% 4 years but less than 5 75% 5 years or more 100% Withdrawals and distributions are controlled in accordance with the provisions of the Plan. Amounts not fully vested at the time of withdrawal are forfeited upon participant termination of employment for reasons other than retirement or death; however, if an employee reactivates participation in the plan within a specified time period, the Employer contributions and income earned thereon are reinstated. These contingent reinstatement amounts were not significant at December 31, 1993 or 1992. - 9 - PAGE 10 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS--Continued (Thousands of Dollars) NOTE 2. DESCRIPTION OF THE PLAN, Continued Forfeitures in the amounts of $22 and $13 were used to offset Employer's contributions for the years ended December 31, 1993 and 1992, respectively. Related amounts of contributions receivable from the Employer at December 31, 1993 and 1992 were reduced by unapplied forfeitures in the amounts of $6 and $2, respectively. Participant Accounts: Each participant's account is credited with the participant's contributions, the appropriate portion of the Employer's contributions and an allocation of Plan earnings. The benefit to which a participant is entitled is the benefit that can be provided from the participant's account. Plan Termination: Although it has not expressed any intent to do so, the Employer has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of plan termination, participants will become 100% vested in their accounts. NOTE 3. INVESTMENTS The Plan's investments are held by a bank administered trust fund. These investments are more fully described below: Guaranteed Interest Fund: Substantially all of the assets held in this fund are invested in a guaranteed investment contract issued by Commonwealth Life Insurance Company. Equity Fund: Substantially all of the assets held in the Equity Fund are invested in the Fidelity Equity Income Fund, a mutual fund managed by Fidelity Management and Research Company. CSX Stock Fund: Substantially all of the assets held in this fund are invested in CSX common stock. NOTE 4. FEDERAL INCOME TAXES The Plan has applied for, but not yet received a determination from the Internal Revenue Service that it is qualified under Section 401(a) and 501(a) of the IRC. However, the Plan administrator believes that the Plan is currently designed and being operated in compliance with the applicable requirements of the IRC. Once qualified, the Plan is required to operate in conformity with the IRC to maintain its qualified status. Participants are not taxed on contributions by the Employer or on investment earnings on Employer or participant contributions until such amounts are withdrawn. Amounts contributed to the Plan by participants have been made - 10 - PAGE 11 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS-- Continued (Thousands of Dollars) NOTE 4. FEDERAL INCOME TAXES, Continued subject to federal income taxation prior to such contributions, and are not subject to federal income taxation when withdrawn. In general, funds removed from the Plan in excess of employee contributions are taxable income to the participants. A 10% additional income tax is imposed on the taxable income of withdrawals prior to age 59 1/2 unless certain exceptions are met, the most relevant of which are withdrawals made on account of the employee's death, disability, or for deductible medical expenses. Where withdrawals include securities, any unrealized gain on those securities, which is attributable to the employee's contributions for a separating employee, will normally not be taxable until a taxable disposition thereof is made. NOTE 5. RELATED PARTY TRANSACTIONS Fees for administration, investment advice and other services are principally paid by the Employers. The Plan is not charged for administrative services performed on its behalf by the Employer. The Employer paid $5 and $39, respectively, to the Trustee and to the Plan Administrator during 1993, and $5 and $58, respectively, to the Trustee and to the Plan administrator during 1992, for administrative expenses of the Plan. During the years ended December 31, 1993 and 1992, the Plan received $42 and $32, respectively, representing cash dividends from CSX Corporation common stock. The trustee routinely invests Plan assets in the Liberty National Bank Treasury Bill Index Account. For the year ended December 31, 1993, transactions involving this account included 161 purchases with a total cost of $1,781 and 57 sales with a fair value and cost of $2,105. During the year ended December 31, 1992, transactions involving this account included 155 purchases with a total cost of $2,294 and 37 sales with a fair value and cost of $1,879. NOTE 6. TRANSFERS FROM THE PLAN During 1992, certain participants in the Plan were transferred from an hourly- paid status to salaried status, thus allowing them to participate in the American Commercial Lines, Inc. Thrift Plan ("Thrift Plan"). Participant account balances in the amount of $227 were transferred from the Plan to the Thrift Plan and are included in "Transfers to American Commercial Lines Inc. Thrift Plan" in the 1992 statement of changes in net assets available for plan benefits. - 11- PAGE 12 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN NOTES TO FINANCIAL STATEMENTS-- Continued (Thousands of Dollars) NOTE 7. COMPARISON TO FORM 5500 Form 5500 requires the recording of a liability for amounts allocated to the accounts of participants who have withdrawn from the Plan. This requirement conflicts with generally accepted accounting principles and the presentation of such amounts in the financial statements where they remain Net Assets Available for Plan Benefits until paid. The following is a reconciliation of net assets available for plan benefits per the financial statements to the Form 5500: December 31 1993 1992 ----------------- Net assets available for plan benefits per the financial statements $3,571 $2,815 Amounts allocated to withdrawn participants (210) (180) ------ ------ Net assets available for plan benefits, per the Form 5500 $3,361 $2,635 ====== ====== The following is a reconciliation of distributions to participants per the financial statements to the Form 5500: Year Ended December 31, 1993 ----------------- Distributions to Participants per the financial statements $1,003 Add: Amounts allocated to withdrawn participants at December 31, 1993 210 Less: Amounts allocated to withdrawn participants at December 31, 1992 (180) ----------------- Distributions to Participants per the Form 5500 $1,033 ================= - 12 - Page 13 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN SUPPLEMENTAL SCHEDULES - 13 - PAGE 14 AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN ASSETS HELD FOR INVESTMENT DECEMBER 31, 1993 (Thousands of Dollars) Line 27(a)--Form 5500 SCHEDULE I Number of Shares or Face Market Amount Cost Value --------- ---- ------ CSX Corporation common stock 27,638 $1,429 $2,263 Commonwealth Insurance Guaranteed Investment Contract $ 773 773 773 Liberty National Bank Treasury Bill Index Account $ 217 217 217 Fidelity Equity Income Fund 5,944 175 201 ------ ------ $2,594 $3,454 ====== ====== - 14 - PAGE 15 AMERICAN COMMERCIAL LINES, INC. SAVINGS PLAN TRANSACTIONS OR SERIES OF TRANSACTIONS IN EXCESS OF 5% OF THE FAIR VALUE OF PLAN ASSETS YEAR ENDED DECEMBER 31, 1993 (Dollars in Thousands) Line 30(d)--Form 5500 SCHEDULE II Purchases Sales ------------ ----------------------------------- Value of Cost Net Assets Sold on of Gain Description of Asset Number Cost Number Transaction Date Asset (Loss) - - -------------------- ------ ---- ------ ---------------- ----- ----- Category (i) - individual transactions in excess of 5% of plan assets - - --------------------------------------------------------------------- Commonwealth Insurance Guaranteed Investment Contract 1 $150 CSX Corporation Common Stock 1 180 Liberty National Bank and Trust Treasury Bill Index Account 1 150 150 $ - Liberty National Bank and Trust Treasury Bill Index Account 1 180 180 - Category (iii) - series of transactions in excess of 5% of plan assets - - ---------------------------------------------------------------------- Liberty National Bank and Trust Treasury Bill Index Account 161 $1,781 57 $2,105 $2,105 $ - Fidelity Equity Income Fund 13 149 6 60 53 7 CSX Corporation Common Stock 11 720 7 327 216 111 Commonwealth Insurance Guaranteed Investment Contract 13 190 3 46 46 - There were no category (ii), or (iv) reportable transactions during the year ended December 31, 1993. - 15 - PAGE 16 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized. AMERICAN COMMERCIAL VESSEL AND TERMINAL EMPLOYEES' SAVINGS PLAN By: /s/ GREGORY R. WEBER ------------------------------------------- Gregory R. Weber (Attorney-in-Fact) Date: June 29, 1994 - 16 - EX-99 2 INDEX TO EXHIBITS PAGE 1 EXHIBIT INDEX DESCRIPTION VALUE ----------- ----- Consent of Independent Auditors EX-23 Power of Attorney EX-24 - 1 - EX-23 3 CONSENT OF INDEPENDENT AUDITORS PAGE 1 EX-23 CONSENT OF ERNST & YOUNG, INDEPENDENT AUDITORS We consent to the incorporation by reference in the Registration Statements (Forms S-8 No. 33-25537 and 33-33854) pertaining to the American Commercial Vessel and Terminal Employees' Savings Plan of our report dated June 17, 1994, with respect to the financial statements and schedules of the American Commercial Vessel and Terminal Employees' Savings Plan included in this Annual Report (Form 11-K) for the year ended December 31, 1993. /s/ ERNST & YOUNG ----------------- Richmond, Virginia Ernst & Young June 27, 1994 - 1 - EX-24 4 POWER OF ATTORNEY PAGE 1 EX-24 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS that each of the undersigned members of the committee of the American Commercial Vessel and Terminal Employees' Savings Plan, which is to file with the Securities and Exchange Commission, Washington, D.C., a Form 11-K (Annual Report) under the Securities Exchange Act of 1934, hereby constitutes and appoints Gregory R. Weber his true and lawful attorney-in -fact and agent, for him and in his name, place and stead to sign said Form 11-K, and any and all amendments thereto, with power where appropriate to file said Form 11-K, and any and all other documents in connection therewith, with the Securities and Exchange Commission, hereby granting unto said attorney-in-fact and agent full power and authority to do and perform any and all acts and things requisite and necessary to be done in and about the premises as fully to all intents and purposes as he might or could do in person, hereby ratifying and confirming all that said attorney-in- fact and agent, or either of them, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the undersigned have hereunto set their hands this 17th day of June, 1994. /s/ F.J. HAENDIGES - - ------------------ F.J. Haendiges /s/ E.W. HERDE - - -------------- E.W. Herde /s/ L.J. WEAS - - ------------- L.J. Weas /s/ J.J. WOLFF - - -------------- J.J. Wolff - 1 - -----END PRIVACY-ENHANCED MESSAGE-----